Ireland…not looking too good

The really bad news globally is the Irish story…their housing price crash has led to a banking crisis and an economy that is pretty much stuffed. Whilst Irish sovereign debt spike in May along with all risky European debt the above chart shows how much worse the market is viewing Irish debt today.

With a few commentators of notable reputation have concluded that Greece is pretty much guaranteed to default within the next 5 years, it is increasingly looking the same for Ireland. Ireland was one of the first Euro countries to start exercising “fiscal austerity”…I don’t think its working and was probably not a good idea…refer Krugman.